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15M Japanese Don’t Use Paper Currency

Posted By Jim On 01/31/2006 @ 5:34 pm In Credit,Personal Finance | 3 Comments

The Japan Research Institute, as reported by Walaika K. Haskins of newsfactor.com [3], has claimed that 15 million Japanese citizens don’t use paper currency whatsoever. They use e-money which is accessible through a smart card or their mobile phone. From personal experience, if you’ve ever used a public pay phone in Asia then you’ll need to figure out a way to navigate the smart card system because many won’t accept coins. The institute estimated that by 2008, 40M Japanese will be using e-money.

The article is pretty interesting and it worth a look, I wonder when the pervasiveness of these smart cards and e-money will appear here in the US.

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[3] reported by Walaika K. Haskins of newsfactor.com: http://news.yahoo.com/s/nf/20060130/tc_nf/41242

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